Investment Summary
Price | $2,650,000 |
Cap Rate | |
NOI | |
Lease Term | 10 Years |
Lease Type | Net, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Excluding Roof And Structure |
Rental Increases | 10% Rental Increases Every Five Years |
Year Built | 2019 |
Building Size | 3,500 SF |
Lot Size | 1.19 Acres (51,836 SF) |
Status | Sold |
Lead Brokers | Vincent Aicale Cushman & Wakefield 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Cushman & Wakefield 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Michael T. Yuras, CCIM Cushman & Wakefield 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
10-YEAR CORPORATE GUARANTEED NET LEASE TO FAST-GROWING TENANT
» 10-year corporate guaranteed net lease to Aspen Dental
» 10% rental increases every five years and in option periods
» Aspen Dental operates over 800 locations in 38 states
HIGH TRAFFIC LOCATION IN DENSELY POPOULATED AND AFFLUENT AREA
» Corner parcel location at signalized four-way intersection
» 60,000 AADT directly in front of the property
» 131,329 residents and $115,565 AAHI within a five-mile radius of the location
» Strong daytime employment due to housing density
IRREPLACEABLE INFILL LOCATION IN RICHMOND’S SECOND LARGEST RETAIL SUB-MARKET
» Within five miles of 14 major shopping centers (combined five million SF of retail space and 517 stores)
» Directly in front of Home Depot, Staples, and Petsmart
» Across the street from Target-anchored shopping center
» Adjacent to Johnston-Willis Hospital (292 beds, 1,160 employees)
» Walking distance of Chesterfield Towne Center mall, which features Macy’s, Sears, JC Penney, Barnes & Noble, HomeGoods, TJ Maxx, and many more national tenants
» Located in the second largest retail submarket in the Richmond metro, with over 7.2 million square feet of inventory
Property Description
SOLD
The property is prominently located at the signalized four-way intersection of Midlothian Turnpike and Carmia Way, with excellent visibility and access to 60,000 vehicles per day directly in front of the location. The site is supported by a large and affluent customer base of 131,329 residents within a five-mile radius of the location, with an average household income of $115,565. Five office parks are located within five miles of the property, contributing to the area’s strong daytime employment.
Visibility is increased by the site’s location in Richmond’s second largest retail submarket, with over 7.2 million square feet of inventory. The property benefits from being across the street from a Target-anchored shopping center and is within five miles of 14 major shopping centers with a combined 5 million SF of retail space and 517 stores. It’s within walking distance of Chesterfield Towne Center, which features Macy’s, Sears, JCPenney, Barnes & Noble, HomeGoods, T.J. Maxx, and many other national tenants. The site is also near Costco, the largest and highest volume wholesale club out of five wholesale club locations in Richmond. Additionally, the location is adjacent to Johnston-Willis Hospital, which features 292 beds and 1,160 employees.